NeoBanks in India

Just a few days back we got an interesting query on our website chat – Which new technologies already present in foreign countries can be adopted for Indian banks?

My one term answer to that question would have been – Neo Banks!

Yes, Neo Banks are the answer to the efforts– cashless banking, automated payments, digitization across sectors, SME Banking, transparency, building trust, preventing corruption across all industries, entities, and individuals. The Neo Bank use cases cover all aspect of verticals and businesses. If you are a B2B, B2C, G2B, G2C, B2B2C,C2C, G2C or even a homemaker Neo bank has a solution just for you.

My post of today would talk about Neo Banks in India. If you are looking to understand Neo Bank and its basics, visit my post here or different use cases of Neo Banks, visit my post here.

Here are five Neo Banks in India you should know about –

NiYO easing life of Salaried People

NiYO Solutions, a Bangalore-based “neo-bank” is helping salaried employees and blue-collar workers in accessing company benefits and other financial services.

What They Offer

  1. Global Card – A global corporate card[INR] that helps employees in international travels canceling the need for employees to buy forex card.
  2. Salary Account – A salary account for individuals when their firm signs up with NiYO.
  3. Corporate – NiYO corporate is an employee benefits platform that comprises of a card and mobile app.

Hylo – Offers SME’s Banking

Hylo a unique solution incepted to assist SME’s in automating payment against an invoice in real-time via online transfer, cash payment, and cheque collection. Hylo services assist buyers and sellers in creating and tracking Purchase order and branded invoices with an ability to integrate to third party apps or legacy system via Open API’s.

Buyer and suppliers can automate the reconciliation process at the end of the day to save time and effort, easy to use dashboard and data enrich visuals makes it easy for buyer and supplier to be in sync. Our digital system assists SME’s in a manual collection system with real-time notifications and alerts. 

Hylo platform assists B2B in maintaining a threshold-based inventory and auto-matching of PO against invoices.

What They Offer

  1. Automated Payment Against Invoices – The service offers suppliers invoice payment digitization with real-time tracking and alerts.
  2. SME Business Assist –An Integrated Banking solution for SME’s that offers, Automated branded Invoices, Purchase Orders and Collections

SBI YONO – a bouquet of services

YONO Digital bank is an integrated digital banking platform presented by SBI [State Bank of India]to offer its customer a variety of financial services like Credit Cards, Loans, Insurance, Investments and other services such as taxi bookings, online shopping, or medical bill payments.

What They Offer

  1. Financial Products – With YONO mobile app, customers can benefits of credit card via cashback, rewards, deals. YONO solution also assists in making smart investment decisions and easy access to insurance and loans.
  2. Shopping Experience – Targeted for Indian customers, YONO aids to a seamless shopping experience, booking train tickets and easy withdrawal and deposits of cash via mobile

Open – Offers Business Banking

Open is a neo-banking start-up helping small merchants in automating bulk payments and digitize financial operations. They have a tie-up with major lenders such as ICICI Bank to offer the entire range of business banking solutions to small merchants.

What They Offer

  1. Business Bank Account/Cards – Offer business bank account powered by ICICI bank, with digitized payments and automatic reconciliation.
  2. Payment Gateway – Ability to process online payments or NEFT / RTGS / IMPS payments using virtual accounts.

Kotak 811 – Offers Limitless banking for all

With 811 banking app, customers can access all banking services at their convenience from anywhere. Their services are on similar lines as SBI YONO.

What They Offer

  1. Banking Services – With 811 customers can open a bank account with a 6% interest rate, get a fixed deposit, virtual debit card, and access to other banking services.
  2. Shopping and Bookings – 811 app has a Kaymall section that allows users to shop on eCommerce websites like Flipkart, subscribe to national/international magazines, book flight/hotels on Goibibo or train tickets^ on  IRCTC  at the best rates.

Neobanks with innovative and user-centric features would be a significant player in the coming years in India. And the prime reason is their ability to deliver banking as once Bill Gates said Banking is essential, banks are not.

If you a Bank or NBFC looking to use technology and innovation in expanding the business and enable Neo Banking or Challenger Banking, we are here for you.

Teknospire, a fintech firm offers Bank-in-a-box solution with omnichannel, agent/digital branches capability. The 360-degree banking solution reduces the CAPEX for a bank to set up a physical branch, but yet opens doors to expand their business. Our Neo Banking, Mobile Banking, and Agent Banking solution could help regional banks and cooperative banks to push Banking beyond physical walls. For details, please contact us here

Watch out this space to get more insights on Neo Banking. For my previous posts, please visit our blog.

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